What's Going On With Disney Shares Today?

Walt Disney Co. DIS shares are moving lower on Monday. Here’s what you need to know.

What’s Going On: India’s antitrust body has raised concerns about the $8.5 billion merger between its media assets and Reliance Industries RLNIY.

Announced in February, the merger wanted to form the largest entertainment entity in India, encompassing 120 TV channels, two streaming services and valuable sports rights, especially for cricket, according to Reuters.

India's Competition Commission (CCI) issued around 100 questions to both companies regarding their merger, focusing on sports rights and whether YouTube should be categorized with subscription streaming services like Netflix and Disney+. This follows a confidential submission in May by Disney and Reliance, who argued that the merger would not negatively impact competition.

In response to the CCI, Disney and Reliance defended YouTube’s position in the market, emphasizing its licensed, paid content and extensive reach.

Jefferies estimated the combined Disney-Reliance entity could capture 40% of the advertising market in the TV and streaming sectors.

In related news, the Teamsters at Disneyland have voted overwhelmingly to authorize a strike, with 99% in favor, potentially impacting Disney’s operations.

DIS Price Action: Disney shares are down by 1.68% at $94.13 at market close Monday according to Benzinga Pro.

See Also:

• Cannabis Stocks Surge Then Plummet On News That Biden Is Bowing Out Of 2024 Presidential Race

Image Via Shutterstock.